4.	INVESTMENTS

Short-term Investments

As of December 31, 2013, all of the held-to-maturity investments were time deposits in commercial banks with a maturity of less than one year. The available-for-sale investments are debt securities with a maturity of less than one year purchased from commercial banks and other financial institutions as well as equity securities in a listed entity.

During the years ended December 31, 2011, 2012 and 2013, the Company recorded interest income from its short-term investments, of RMB149.35 million, RMB726.40 million and RMB1.07 billion (US$176.98 million) in the consolidated statements of comprehensive income, respectively.

Long-term Investments

The Company’s long-term investments consist of cost method investments, equity method investments and held-to-maturity investments with original and remaining maturities of greater than 12 months.

Cost method investments

The carrying amount of Company’s cost method investments was RMB269.42 million and RMB415.20 million (US$68.59 million) as of December 31, 2012 and 2013, respectively. The increase is primarily due to additional investments in 2013, in which the Company does not have significant influence.

Equity method investments

As of December 31, 2013, the Company holds several equity investments through its subsidiaries or VIEs, all of which were accounted for under the equity method since the Company can exercise significant influence but does not own a majority equity interest in or control them. These investments were not significant either individually or in aggregate. The carrying amount of Company’s equity method investments was RMB20.35 million and RMB219.58 million (US$36.27 million) as of December 31, 2012 and 2013, respectively.

The total impairment charges on long-term investments were RMB47.89 million, RMB169.18 million and RMB17.52 million (US$2.89 million) for the years ended December 31, 2011, 2012 and 2013, respectively.

Investments classified as held-to-maturity investments and available-for-sale investments as of December 31, 2012 and 2013 were as follows:

As of December 31, 2012

Amortized
cost

Gross un-
recognized
holding gains

Gross
unrecognized
holding losses

Gross
unrealized
gains

Fair value

RMB

(In thousands)

Short-term investments:

Held-to-maturity investments

Fixed-rate investments

17,072,751

30,886

(17,385

)

17,086,252

Available-for-sale investments

Fixed-rate debt investments

3,500,945

13,454

3,514,399

Adjustable-rate debt investments

17,073

—

17,073

Long-term investments:

Fixed-rate held-to-maturity investments

513,728

886

—

514,614


	As of December 31, 2013
	Amortized cost		Gross un- recognized holding gains		Gross unrecognized holding losses			Gross unrealized gains		Fair value		Fair value
	RMB		RMB		RMB			RMB		RMB		US$
	(In thousands)
Short-term investments:
Held-to-maturity investments
Fixed-rate investments		19,339,250		51,897		(21,080	)				19,370,067		3,199,707
Available-for-sale investments
Fixed-rate debt investments		7,603,087							24,871		7,627,958		1,260,049
Adjustable-rate debt investments		514,433							—		514,433		84,978
Equity investment		604,878							648,242		1,253,120		207,001

Held-to-maturity investments are stated at amortized cost. Available-for-sale equity investment represents an investment in the equity securities of a publicly listed company. As the Company does not have significant influence over the investee, the investment was classified as available-for-sale and reported at fair value. The methodology used in the determination of fair values for held-to-maturity investments and available-for-sale investments were summarized in Note 21.